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Payday Loan Complaints Continue Downward Trend

Tuesday, April 26, 2016 • CFSA

In volume 10 of the CFPB's Monthly Complaint Report, payday loan complaints showed the greatest percentage decrease from January to March 2015 (489 complaints) to Januray to March 2016 (420 complaints), representing about a 14 percent decline.

This marks the eighth consecutive CFPB report in which payday loans have seen a decrease in the number of complaints recieved by the bureau:

  • Vol. 10; April 2016: 14 percent decline
  • Vol. 9; March 2016: 14 percent decline
  • Vol. 8; February 2016: 12 percent decline
  • Vol. 7; January 2016: 11 percent decline
  • Vol. 6; December 2015: 14 percent decline
  • Vol. 5; November 2015: 20 percent decline
  • Vol. 4; October 2015: 24 percent decline
  • Vol. 3; September 2015: 12 percent decline

Overall, payday loans make up approximately 1.5% of all complaints recieved (13,450 complaints), including those related to debt collection (227,346 complaints), mortgages (223,126 complaints), and credit cards (91,198 complaints).

Connecting With Our Communities

Managing household finances can be a daunting task. However, by using solid budgeting and savings techniques, you can accomplish major financial goals. In the Customer Resource Center, CFSA offers a variety of payday advance resources that support and encourage responsible lending practices, and highlight the vital role of our members’ stores in neighborhoods near you.


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Payday Loan Complaints Continue Downward Trend

Tuesday, April 26, 2016 • CFSA

In volume 10 of the CFPB's Monthly Complaint Report, payday loan complaints showed the greatest percentage decrease from January to March 2015 (489 complaints) to Januray to March 2016 (420 complaints), representing about a 14 percent decline.

This marks the eighth consecutive CFPB report in which payday loans have seen a decrease in the number of complaints recieved by the bureau:

  • Vol. 10; April 2016: 14 percent decline
  • Vol. 9; March 2016: 14 percent decline
  • Vol. 8; February 2016: 12 percent decline
  • Vol. 7; January 2016: 11 percent decline
  • Vol. 6; December 2015: 14 percent decline
  • Vol. 5; November 2015: 20 percent decline
  • Vol. 4; October 2015: 24 percent decline
  • Vol. 3; September 2015: 12 percent decline

Overall, payday loans make up approximately 1.5% of all complaints recieved (13,450 complaints), including those related to debt collection (227,346 complaints), mortgages (223,126 complaints), and credit cards (91,198 complaints).

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TO OUR PARTNERS

Here you will find an aggregate of industry research, comprehensive data, and benchmarking tools from the short-term lending industry. They cover all payday advance business areas – consumer demographics, media hits, the latest policy initiatives, among others. Click here to access to the partner's resource library.

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For Our Policymakers

CFSA works at the federal, state, and local levels educate legislators and regulators about the role of payday advances in the broader financial services arena. This section provides resources for policymakers who believe in access to credit, want to preserve financial options and ensure balanced, substantive consumer protections. Click here to enter the Policymaker Resource Library.